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- The principal difference between two concepts of capital maintenance is the treatment of the effects of changes in the pieces of assets and liabilities of the entity TRUE OR FALSEWhen an asset increases, a liability must also increase.Which of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of these
- Where the payment of an investment property is deferred beyondnormal credit terms, how should the entity account for anyadditional payment above the cash cost of the asset?Which of the following statements best describes the term "liability"? *a. An excess of equity over current assetsb. Resources to meet financial commitments as they fall duec. The residual interest in the assets of the entity after deducting all of its equityd. A present obligation of the entity arising from past eventsone or more of the following statements are characteristics of assets:a. a probable future benefitb. a particular entity obtains the benefit and control others’ access to itc. does not give the rise to the entity to control the benefitd. a +b
- -1) Write down at least two examples for :AssetLiabilityCapital or Owners EquityRevenue ExpenseWhich does not belong to the group? Capital maintenance approach Transaction approach Single entry method Net assets approachWhat is a capital asset? Why do we care about the treatment of assets as either capital or ordinary?
- Which of the following is not part of the definition of an asset O a. Control of a resource O b. Resulting from a past event O c. Inflow of economic benefits Od. During the accounting periodWhich of the following statement best defines an asset? a. An asset is a resource owned by the entity with a financial value b. An asset is resource controlled by the entity from which future economic benefits are expected to be generated c. An asset is a resource controlled by an entity because of past events d. An asset is a resource controlled by an entity as a result of past events from future economic benefits are expected to be generatedWould I subtract assets from liabilities?
